Leon Cooperman (Trades, Portfolio) spent 25 years at Goldman Sachs before founding Omega Advisors, which had $9.4 billion under management at Feb. 28, 2015. The investor reported increasing his stake in one of Omega’s holdings, Senior Investment Group Inc. (SNR, Financial) on March 5, according to GuruFocus Real Time Picks.
With the transaction Cooperman’s position increased by 30.9% to 3,407,317 shares, or 5.13% of the company. He also reported owning an additional 528,191 shares in the fourth quarter, reflecting a 25.5% position increase from the prior quarter. New Senior Investment Group’s shares lost 14.3% of their market value since they began trading in November and closed Friday at a price of $16.34 each.
The company is a real estate investment trust (REIT) that operates senior housing properties in the U.S., such as assisted living centers, memory care and independent living facilities. It also has a $1.09 billion market cap.
New Senior Investment Group spun off of Newcastle Investment Corp (NCT, Financial) and began trading independently on Nov. 7, 2014, giving investors one share of the new company for each share of the existing company they held. Cooperman reported closing out his Newcastle position during that quarter.
For the fourth quarter, New Senior Investment Group reported total revenue of $70.4 million and a net loss of $13.3 million. It also declared a quarterly dividend of $0.23 per share, or $15.3 million.
New Senior Investment Group has a P/B ratio of 1.69, close to a one-year low.
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